Gas prices fall as refining margins shrink and energy stocks tumble
Published . Updated .
This report is about natural gas and oil. Names like XOM and CVX typically gain because exxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “gas prices” (oil) in this story.
Directly affected
- No company is named in this report.
Indirectly affected
- UNG United States Natural Gas Fund
United States Natural Gas Fund: it follows natural-gas prices. Linked by “gas prices” (natural gas) in this story.
- XLE Energy Select Sector SPDR
Energy Select Sector SPDR: it follows natural-gas prices. Linked by “gas prices” (natural gas) in this story.
- USO United States Oil Fund
United States Oil Fund: its price follows crude oil. Linked by “gas prices” (oil) in this story.
- CRAK VanEck Oil Refiners ETF
VanEck Oil Refiners ETF: it holds refiners, whose margins move with fuel prices. Linked by “refining” (refining) in this story.
- XOM ExxonMobil Holdings
ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “gas prices” (oil) in this story.
- CVX Chevron
Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “gas prices” (oil) in this story.
- LNG Cheniere Energy
Cheniere Energy (natural gas distribution): gas producers and exporters earn more when gas prices rise. Linked by “gas prices” (natural gas) in this story.
- EQT Eqt
Eqt (crude petroleum and natural gas): gas producers and exporters earn more when gas prices rise. Linked by “gas prices” (natural gas) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| UNGNo price data for this ticker | — | — | — | — | — | — | — |
| XLE | -0.12% | +1.60% | base | after close | after close | after close | after close |
| USO | -2.37% | +3.62% | base | after close | after close | after close | after close |
| CRAKNo price data for this ticker | — | — | — | — | — | — | — |
| XOM | -1.00% | +1.85% | base | after close | after close | after close | after close |
| CVX | -0.66% | +2.17% | base | after close | after close | after close | after close |
| LNGNo price data for this ticker | — | — | — | — | — | — | — |
| EQTNo price data for this ticker | — | — | — | — | — | — | — |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
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Gas prices fall as refining margins shrink and energy stocks tumble CNBC
Source: CNBC
United States Natural Gas Fund (UNG) since this story, compared with the market
| Company | When | Move | Status |
|---|---|---|---|
| Chevron (CVX) | three days earlier | +2.17% | final price |
| Chevron (CVX) | five days earlier | -0.66% | final price |
| United States Oil Fund (USO) | three days earlier | +3.62% | final price |
| United States Oil Fund (USO) | five days earlier | -2.37% | final price |
| Select Sector Spdr Tr (XLE) | three days earlier | +1.60% | final price |
| Select Sector Spdr Tr (XLE) | five days earlier | -0.12% | final price |
| ExxonMobil Holdings (XOM) | three days earlier | +1.85% | final price |
| ExxonMobil Holdings (XOM) | five days earlier | -1.00% | final price |
Trades by members of Congress and officials in the stocks in this story
- Rep. Kevin Hern sold ExxonMobil Holdings (XOM) (jointly held), worth $100,001 - $250,000 on 31 Aug 2026. That is 58 days before publication. Filed 25 Sep 2026. View the filing.
- Donald J Trump, an executive branch official, bought ExxonMobil Holdings (XOM), worth $250,001 - $500,000 on 31 Jul 2026. That is 89 days before publication. Filed 22 Sep 2026. View the filing.
- Rep. Kevin Hern sold Chevron (CVX) (jointly held), worth $15,001 - $50,000 on 23 Sep 2026. That is 35 days before publication. Filed 13 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar bought Chevron (CVX), worth $1,001 - $15,000 on 2 Sep 2026. That is 56 days before publication. Filed 7 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Chevron (CVX), worth $15,001 - $50,000 on 26 Aug 2026. That is 63 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Eqt (EQT) (held by a spouse), worth $1,001 - $15,000 on 27 Aug 2026. That is 62 days before publication. Filed 14 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Eqt (EQT), worth $1,001 - $15,000 on 17 Aug 2026. That is 72 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Eqt (EQT) (held by a spouse), worth $1,001 - $15,000 on 14 Aug 2026. That is 75 days before publication. Filed 14 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around United States Natural Gas Fund (UNG)
The side that tends to collect
- XOM ExxonMobil Holdings
In “Gas prices fall as refining margins shrink and energy stocks tumble,” ExxonMobil Holdings (XOM) tends to benefit, medium confidence. Reason on file: ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “gas prices” (oil) in this story
- CVX Chevron
In “Gas prices fall as refining margins shrink and energy stocks tumble,” Chevron (CVX) tends to benefit, medium confidence. Reason on file: Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “gas prices” (oil) in this story
No up or down call on file
- UNG United States Natural Gas Fund
United States Natural Gas Fund (UNG) is linked, with no stored direction, medium confidence in the 28 Oct 2026 story “Gas prices fall as refining margins shrink and energy stocks tumble.” Reason on file: United States Natural Gas Fund: it follows natural-gas prices. Linked by “gas prices” (natural gas) in this story
- XLE Select Sector Spdr Tr
Select Sector Spdr Tr (XLE) is linked, with no stored direction, medium confidence in the 28 Oct 2026 story “Gas prices fall as refining margins shrink and energy stocks tumble.” Reason on file: Energy Select Sector SPDR: it follows natural-gas prices. Linked by “gas prices” (natural gas) in this story
- USO United States Oil Fund
United States Oil Fund (USO) is linked, with no stored direction, medium confidence in the 28 Oct 2026 story “Gas prices fall as refining margins shrink and energy stocks tumble.” Reason on file: United States Oil Fund: its price follows crude oil. Linked by “gas prices” (oil) in this story
- CRAK Vaneck Etf Trust
For “Gas prices fall as refining margins shrink and energy stocks tumble,” Vaneck Etf Trust (CRAK) is linked, with no stored direction, medium confidence. Reason on file: VanEck Oil Refiners ETF: it holds refiners, whose margins move with fuel prices. Linked by “refining” (refining) in this story
United States Natural Gas Fund (UNG)
United States Natural Gas Fund (UNG) is the company in “Gas prices fall as refining margins shrink and energy stocks tumble,” the 28 Oct 2026 this story story.
For United States Natural Gas Fund (UNG), the reason on file says United States Natural Gas Fund: it follows natural-gas prices. Linked by “gas prices” (natural gas) in this story
Select Sector Spdr Tr (XLE) is here too. Its reason reads: Energy Select Sector SPDR: it follows natural-gas prices. Linked by “gas prices” (natural gas) in this story
Dates and price levels for United States Natural Gas Fund (UNG)
UNG traded between 9.31 and 11.43 across 20 sessions. The latest close on file is 9.63. USO traded between 141.82 and 169.96 across 20 sessions. The latest close on file is 163.62. XLE traded between 61.05 and 69.86 across 20 sessions. The latest close on file is 68.23.
A simple score for United States Natural Gas Fund (UNG)
46 out of 100
“Gas prices fall as refining margins shrink and energy stocks tumble” scores 46 out of 100. The score uses 1 sources, and 8 linked companies.